just bought a condo, here is what we did:

1) after the seller takes the offer, deposit $1000

2) after the inspection, deposit $6000, the seller orders condo documengts (condo rules, HOA financial situation, sell certificate, HOA fee paid up to date,...) 

3)after i got condo document, I have a couple of days to review and decide to buy or walk out with full refund.